FG imposes N50 transfer levy on transactions above N10,000 on Opay
The federal government has placed a one-time fee of N50 on electronic transfers above N10,000 into personal and business accounts on Opay.
According to a notice sent to its customers on Saturday, the charge, which is in compliance with Federal Inland Revenue Service regulations, will take effect from September 9, 2024.
“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations,” it read.
Opay explained that the charge is not a source of revenue for the online payment platform but is part of requirements from the government.
“It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the federal government,” it added.
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